Tim Cook: Facebook is a ‘Friend’

Apple’s CEO Tim Cook was today answering questions at an Apple shareholders conference in Cupertino, California and was asked whether the corporation thought of Facebook as an ally or adversary. Cook’s answer was that they are definitely a friend and that many Mac users are avid Facebook users as well. Cook says that they have integrated Twitter and things have been great for the somewhat-smaller social network and have also been very good for the users as well. Full transcript and more after the break.

Shareholder: “Question on Facebook, friend or foe — and where does social networking into the picture. Also: I just bought a big LG TV and have 60 days to return it. Should I return it?”

Cook: “Facebook: friend. We do a lot with them, our users use Facebook an enormous amount. … I’ve always thought that the two companies could do more together.” … “We’ve integrated Twitter … It’s been great for Twitter, but it’s been great for our users” …. iMessage “the volume is incredible.”

Cook then refused to comment on the second question about the stockholder’s HDTV as such would reveal the corporation’s plans.

Following the release of OS X Mountain Lion last week, many had assumed that Apple was taking sides with Twitter integration throughout the OS. In addition to this, the Cupertino-based manufacturer had integrated Twitter deep into iOS 5 and left out Facebook from the picture completely.

Full transcript:

2:07 P.M. : Shareholder meeting ends.

2:06 P.M. : Stock split question, Cook responds: “We talk about everything we think is in the shareholders’ best interest. A stock split isn’t so clear.” (Cook says research suggests a short-term pop and later it resets, so in the loing term it does nothing.)

2:03 P.M. : Cook speaks passionately about iBooks Author as a contribution … “The contributions Apple will make to education will mostly come from our products.”

“We either gave equipment or gave discounts on equipment of three quarters of a billion dollars last year,” Cook says.

Apple had more than 600 interns on its main campus this past summer, the most ever, Oppenheimer says.

1:58 P.M. : Cook: “We strongly believe education is the great equalizer.”

Cook responded saying that a high percentage of Apple employees are contributing to education causes and Apple is matching their donations.

1:57 P.M. : A shareholder suggests Apple use cash to invest in scholarships for science and engineering education.

1:56 P.M. : Shareholder question on Apple advertising in controversial TV shows (questioner talks about Family Guy specifically).

“We might not always have the same view of a specific TV shows …. Maybe we will or maybe we won’t,” said Cook.

1:53 P.M. : Cook: “It continues to be a value” that Apple won’t do porn in the app store.

1:52 P.M. : Shareholder: “Question on Facebook, friend or foe — and where does social networking into the picture. Also: I just bought a big LG TV and have 60 days to return it. Should I return it?”

Cook: “Facebook: friend. We do a lot with them, our users use Facebook an enormous amount. … I’ve always thought that the two companies could do more together.” … “We’ve integrated Twitter … It’s been great for Twitter, but it’s been great for our users” …. iMessage “the volume is incredible.”

Cook: “Obviously, I’m not going to comment on your second question (TV).”

1:47 P.M. : “The reality of an a la carte system like you’ve described … is not likely” in the near term, Cook said.

Apple doesn’t see a reason to own a label or a studio.

1:45 P.M. : “We haven’t had to own a music label to accomplish” what they did in music, Cook says. “We get profit from selling devices…” Apple doesn’t want to make a ton of money from content, he said.

1:44 P.M. : Cook: “On cash, we’ve been thinking about cash very deeply, the board has been looking into what is in shareholders’ best interest … We’ve spent billions on … Supply chain, retail, etc …. My message there is that the board and the management team are thinking about this very deeply … And we will do what we think is in the best interest of shareholders.”

1:40 P.M. : A shareholder takes the mic to speak against a dividend, to say Apple should use it to acquire video content. The shareholder is speaking against a regular common stock dividend, as opposed to a special dividend.

1:39 P.M. : Phil Schiller and Peter Oppenheimer coming out to answer questions as well.

1:38 P.M. : Cook Mentions $46 billion last quarter: “We had an extra week, full disclosure,” he says.

1:36 P.M. : All of the innovation on product resulted in $108 billion, $43 billion of growth, more than HP [HPQ  27.05    -1.89  (-6.53%)   ]Dell [DELL  17.40   0.25  (+1.46%)   ]NokiaHTC [HTCCY  0.00  ---  UNCH    ]RIM [RIMM  14.67    0.01 (+0.07%)   ] put together, Cook says.

1:34 P.M. :  Apple has more than 360 retail stores, more than 110 million visited last quarter, Cook says.

1:33 P.M. : “Apple has become a jobs platform,” thanks to iOS, Cook says.

1:32 P.M. :  Cook recounts an “Amazing year” of iPhone 4S, iPad, iPod, Mac. Cook says iOS is over 550 thousand apps.

1:31 P.M. :  Cook first mentions it is the first meeting since Jobs’s passed, says “There’s not a day that goes by that I don’t miss him.” Cook thanks shareholders for their condolences, says his sadness has turned to determination.

1:30 P.M. :  Formal portion of meeting is over; Tim Cook takes stage.

1:27 P.M. :  All directors elected with more than 80 percent of the vote. Auditor has been approved.

On the measure for directors to further declare conflicts of interest: preliminary voting shows 1.9 percent, not approved.

On a non-binding shareholder say on director pay: preliminary voting shows 3.61 percent preliminary vote, not approved.

On political contribution disclosure, failed

1:11 P.M. : Apple adopts majority voting. Though Apple had recommended against it, they saw it was likely to win. Apple board members all will voluntarily resign if they do not receive a majority of votes.

[CNBC via 9to5Mac]

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